Go To Market Strategy Template

One of the easiest things anyone can do is to create a product and go to market with it.

The hardest part is to get people to buy it on a wide scale and make a living off of it.

Before you hard-nosed boobirds call me out and say anything different, consider this. I created a software product in 2017. It was a minimum viable product that started on paper, believe it or not. We had people do what we wanted via a paper product then went to code a digital version of it. The first version was quite awful, very embarrassing, glitchy and no one used it.

The second version in 2020 was better, but we realized quickly it’s one thing to say you have a software product as a differentiator and another to have people use it. Thousands of hours of planning, many dollars spent, and still a better result but not convincing for the market.

Fast forward to 2021 and we put out a third version. This time we hired a consulting agency to find what people wanted. We asked for feedback. We asked what they liked. We asked what they wanted to pay. The resulting report was astonishing and we immediately put it to work in another redo of the code and development. The third version was released in 2022 and was incredibly agile, good-looking, and worked well. But no buyer buying.

Then in 2023, we began to look at new markets (and added new features that people wanted). I sold the software in person at conventions, built a sales team, built offerings, affiliate marketing, and blogs, spoke in front of thought leaders, and consumers, pitched investors, and ultimately 

Things started to move.

Without a go-to-market strategy and more importantly, a product or service that has a chance to survive and then thrive, you are in for a rough go of it. Here is my go-to-market strategy swipe file that you can use for just about anything.

Idea + Time + Sweat Equity + $ = Result

You're welcome

Creating a "GotoMarket" (GTM) strategy involves a detailed plan that outlines how to launch a product successfully to the market. A template for a GTM strategy should be comprehensive yet flexible, allowing for different types of products, markets, and industries.

Here's a basic structure for your GTM strategy template. You can customize it according to the specific needs of your product or service.

Go To Market Strategy Template

I. Executive Summary

A brief overview of the product or service. I always find executive summaries to be redundant but I remember writing one year ago looking like this after I finished it:

High-Level Summary Of The GTM Strategy

You want to adhere strictly to the numbers then conflate them… a tad. There can’t be anything ridiculous and it has to be believable simply because you have to get a team behind it. I know it’s absurd but I know people that would write these things and say they would sell 1 million “widgets” in X time and after reading it and knowing them personally… I know they would never do it because they had:

1. No Employees
2. Nothing made
3. No contracts

So dream big yes, but look at your timelines and your team.

Key Objectives And Expected Outcomes

Read above then:

You can be as broad or specific as you want but I would rely on the Market Analysis, Competitor Analysis, and Sales Goals.

II. Product/Service Overview

Detailed Description Of The Product Or Service

Here, this is fact-based. Go into detail about the product or service. 

Things to avoid:

1. Brand/ trademark phrases that do not mean anything.
2. Insider trade or geek speak. 

You want the reader, most likely your investors or better yet the people who will help you roll this out understand it. Avoid this if your audience working the sales expansion is a layman:

Behold the introduction of the PentaQuark Hypercollider Infusion Module X9000™, a paramount innovation embodying the quintessence of xenobiotic quantum tunneling phenomena juxtaposed with biopharmaceutical nanorobotics. This avant-garde module exploits preemptive wavefunction decoherence and nonlinear protein folding kinetics to orchestrate an ultraprecise form of stochastic resonance phoresis, particularly in the context of recondite nosocomial pathogens.

Exploiting the esoteric nuances of quantum chromodynamics and leveraging a bespoke array of synthetic lethality-based oligonucleotide transponders, this infusion module transcends conventional pharmacological modalities. It integrates a supersymmetric tensor network that adroitly manipulates the topological variegations of biomolecular substrates, promulgating an epoch of personalized medicine heretofore unattainable via traditional genomic cartography.

 Unique Value Proposition (UVP)

A Unique Value Proposition (UVP), also known as a Unique Selling Proposition, is the distinctive benefit or advantage that a product or service provides to its customers that differentiates it from its competitors. The UVP clearly articulates why a consumer should choose this product or service over others in the market by highlighting unique features, benefits, or value that it can deliver.

A strong UVP should be:

• Clear: Easily understood and simple to communicate.
• Unique: Different from what competitors offer.
• Compelling: Attractive to the target audience and makes them want to buy.
• Beneficial: Provides tangible and perceived value to the customer.
• Sustainable: Can be delivered consistently and is not easily replicated by competitors.

The UVP is a critical component of a company's branding and marketing strategy and is often integrated into marketing materials, websites, and advertising campaigns to attract and retain customers.

A great unique selling proposition is simple. Robinhood, an investment app on your smartphone, is “Investing for everyone”. The connotation is they make things simple, it’s not scary and you can do it too.

III. Market Analysis

Target Market Definition 

Market Segmentation: Start by segmenting the market into various groups based on certain criteria. Common segmentation methods include:

• Demographic: Age, gender, income level, education, occupation, etc.
• Geographic: Location, climate, urban vs. rural, regional, and local boundaries.
• Psychographic: Lifestyle, values, attitudes, interests, and beliefs.
• Behavioral: Purchasing habits, brand interactions, product usage, and loyalty.

Identify Needs and Problems A LOT of online offers and pseudo-marketing gurus talk about solving a ‘pain”. Not every product in the world solves a pain or problem, but you can solve most needs. For instance, you are not solving a problem at Nike with $400 Jordans. There is a need for sure because I want my son to get a job every time he asks me for his birthday a pair of new ones. Determine what specific needs or problems your product or service can address and make sure to delineate what is going on. Understand the pain points of different segments and how your offering provides a solution.

• Analyze the Competition: I HATE my competitors. Sorry, I do. Look at who your competitors are targeting and how. Identifying gaps in their strategies can help you find a niche market or underserved segment.
• Research and Data Collection: Use various methods like surveys, focus groups, and analysis of online behavior to gather information on potential customers' preferences, behaviors, and habits.
• Create Customer Personas: Develop detailed profiles of your ideal customers. Include demographic information, motivations, challenges, and decision-making processes.
• Evaluate Market Size and Potential: This is an important thing for you, especially locally. Assess the size of the target market and determine if it's large enough to sustain your business. Analyze trends to predict future growth or contraction.
• Assess Resources and Capabilities: Make sure your business can effectively reach and serve the target market with the current resources and capabilities or understand what needs to be developed. The use of resources is an underdeveloped issue when going to market.
• Refinement through Testing: Test your product or service with a sample of your target market to gather feedback and refine your understanding. Use A/B testing and pilot programs for this purpose but, beware, it can be costly.
• Monitor and Adapt: Markets are dynamic, so regularly monitor changes in your target market's behavior and preferences. Adapt your targeting strategies as needed. 

Market Size And Growth Projections

When writing about market size and growth projections in a go-to-market strategy document, it's important to be clear, concise, and backed by data. Here’s how you can structure this section:

1. Current Market Size:

•  Scope: Define the geographic scope (e.g., global, regional, national) and the specific market segment.
• Volume and Value: Provide figures on the current market volume (e.g., number of customers, units sold) and its monetary value.
• Sources: Cite credible sources for your data (e.g., market research firms, industry reports, government data).

2. Historical Growth:

• Trends: Outline historical growth trends over the past years.
• Factors: Discuss what factors have driven past growth (e.g., technological advancements, regulatory changes).

3. Projected Growth:

• Growth Rate: Present the expected growth rate of the market for the forecast period.
• Drivers: Identify and elaborate on the factors expected to drive future growth (e.g., innovation, economic factors, increasing demand).
• Projection Model: Briefly describe the model or method used to project growth (e.g., CAGR, historical trend analysis, market modeling).

6. Market Dynamics:

• Opportunities: Explain any emerging opportunities that may contribute to growth (e.g., untapped markets, new use cases).
• Challenges: Address potential challenges that could impact growth projections (e.g., competitive intensity, regulatory hurdles).

7. Target Market Share:

• Penetration Goals: State the market share you aim to capture within a specific timeframe.
• Justification: Support your market share goals with a rationale based on your product's unique value proposition and competitive analysis.

8. Visual Aids:

• Use charts, graphs, and tables to visually represent the market size and growth projections for better comprehension.

9. Assumptions and Scenarios:

• Base Case: Present a realistic scenario based on current market conditions.
• Optimistic/Pessimistic Cases: Include alternative scenarios to provide a range of potential outcomes.
• Assumptions: Clearly state the assumptions underlying your projections.

10. Risk Analysis:

•     Briefly discuss any risks to your growth projections and how they might be mitigated.

Customer segments and personas:

When writing about market size and growth projections in a go-to-market strategy document, it's important to be clear, concise, and backed by data. Here’s how you can structure this section:

1. Current Market Size:

• Scope: Define the geographic scope (e.g., global, regional, national) and the specific market segment.
• Volume and Value: Provide figures on the current market volume (e.g., number of customers, units sold) and its monetary value.
• Sources: Cite credible sources for your data (e.g., market research firms, industry reports, government data).

2. Historical Growth:

• Trends: Outline historical growth trends over the past years.
• Factors: Discuss what factors have driven past growth (e.g., technological advancements, regulatory changes).

3. Projected Growth:

• Growth Rate: Present the expected growth rate of the market for the forecast period.
• Drivers: Identify and elaborate on the factors expected to drive future growth (e.g., innovation, economic factors, increasing demand).
• Projection Model: Briefly describe the model or method used to project growth (e.g., CAGR, historical trend analysis, market modeling).

6. Market Dynamics:

• Opportunities: Explain any emerging opportunities that may contribute to growth (e.g., untapped markets, new use cases).
• Challenges: Address potential challenges that could impact growth projections (e.g., competitive intensity, regulatory hurdles).

7. Target Market Share:

• Penetration Goals: State the market share you aim to capture within a specific timeframe.
• Justification: Support your market share goals with a rationale based on your product's unique value proposition and competitive analysis.

8. Visual Aids:

• Use charts, graphs, and tables to visually represent the market size and growth projections for better comprehension.

9. Assumptions and Scenarios:

• Base Case: Present a realistic scenario based on current market conditions.
• Optimistic/Pessimistic Cases: Include alternative scenarios to provide a range of potential outcomes.
• Assumptions: Clearly state the assumptions underlying your projections.

10. Risk Analysis:

• Briefly discuss any risks to your growth projections and how they might be mitigated.

Customer Segments And Personas

Avatars.

No not the movie. No, not Nintendo.

A customer avatar, also known as a buyer persona or customer persona, is a detailed profile of your ideal customer. It helps you to personify your target market into a single representative which encapsulates the characteristics of your broader target audience. 

This avatar helps businesses better understand and relate to their customers, making it easier to tailor marketing strategies, product development, and services to the specific needs, behaviors, and concerns of their target demographic. Mainly, you can say Jane instead of: 

A Woman, aged 45, lives in suburbia, has 3 kids, has tons of debt, and loves bunnies, race cars, and perfume.

… and everyone will know what you are talking about in your circle.

Here are some elements that a customer avatar includes:

• Demographics: Age, gender, income, education, marital status, occupation, etc.
• Geographics: Where they live, which can range from a broad region to a specific type of setting (urban, suburban, rural).
• Psychographics: My fave: Interests, hobbies, values, attitudes, lifestyle choices, and personality traits.
• Behavioral Traits: Buying behavior, brand interactions, product use cases, spending habits, and loyalty to brands.
• Goals and Aspirations: What they want to achieve, both in the context of the product and in their broader personal/professional lives.
• Challenges and Pain Points: The problems they face that your product or service can solve.
• Information Sources: Where they get their information from, which could include specific websites, blogs, magazines, or influencers.
• Objections and Role in Purchase: Reasons they might not buy a product and their role in the buying process (are they the decision-maker, or do they influence someone else?).
• Preferred Communication: How they prefer to communicate or be communicated with, including email, phone, in-person, social media, etc.

Competitor Analysis

Did I mention I hate my competitors?

IV. Customer Journey

•  Awareness 
• How customers will learn about the product
• Consideration: How customers will evaluate the product
• Decision: What drives customers to purchase
• Retention: How customers will be retained postpurchase
• Advocacy: How customers will be encouraged to refer others

V. Marketing and Sales Strategy

• Positioning and messaging
• Pricing strategy
• Sales channel strategy (e.g., direct, online, channel partners)
• Marketing mix and promotional plan (4 Ps: Product, Price, Place, Promotion)
• Key sales and marketing assets needed

VI. Distribution Strategy

•  Distribution channels (direct sales, online, retail, distributors)
• Channel management and support plan
• Fulfillment and logistics

VII. Launch Plan

•  Launch timeline and milestones
• Key activities and responsibilities
• Launch budget and resource allocation
• Prelaunch marketing activities

VIII. Partnership and Alliances

• Strategic partners and roles
• Comarketing strategies
• Supply chain and vendor support

IX. Revenue Model

• Revenue streams (one-time sales, subscriptions, licensing)
• Payment terms and conditions
• Revenue projections and targets

X. Operational Readiness

• Support and service plan
• Infrastructure and systems required
• Compliance and legal considerations
• Team and resources needed

XI. Risk Management

• Potential risks and mitigation strategies
• Contingency plans

XII. Metrics and KPIs

• Success metrics and performance indicators
• Reporting framework and schedule
• Review and optimization plan

XIII. Financial Projections and Budget

• Sales forecast
• Budget for marketing and sales activities
• ROI projections

XIV. Implementation Timeline

• Detailed Gantt chart or timeline
• Critical milestones and deadlines

XV. Conclusion

• Final thoughts and expectations
• Call to action for the team or stakeholders

XVI. Appendices

•  Any additional charts, data, or detailed plans
  
  

Make sure to tailor this template to your specific product/service and market context. For instance, if you're in a digital market, you might focus more on online sales and social media marketing strategies. For a physical product, retail partnerships and logistics might be more prominent. Each section should be informed by market research and validated hypotheses about your product and its market fit.